Global property fund manager Stenham has joined forces with international real estate firm RFR Holding to acquire a prime retail and office building in the German city of Frankfurt. Located on the upmarket shopping street Goethestrasse, the property comprises over 3,000 m[sup]2[/sup] of lettable space mostly let to tenants Ermenegildo Zegna and Tods. The financial details of the transaction were not disclosed.
Global property fund manager Stenham has joined forces with international real estate firm RFR Holding to acquire a prime retail and office building in the German city of Frankfurt. Located on the upmarket shopping street Goethestrasse, the property comprises over 3,000 m2 of lettable space mostly let to tenants Ermenegildo Zegna and Tods. The financial details of the transaction were not disclosed.
The acquisition was made by one of Stenham's property funds that has a core focus on high-quality retail assets in Germany. The fund currently has approximately EUR 300 mln of assets under management.
Sascha Lewin, head of European Property at Stenham, said: 'We continue to see value in prime locations in Germany especially in major cities like Frankfurt, Hamburg and Munich. We are pleased to have added such an excellent asset to the portfolio.'
In its property division, Stenham currently has over EUR 2 bn of assets under management of which EUR 1.5 bn are currently invested in Germany. The firm has been investing in the German property market for over three years.
Stenham Property is a focused Property Fund Manager and is currently invested in over EUR 2 bn of property assets spread across the UK, Germany, Switzerland and Japan. Stenham, an independent wealth and asset management group, currently has around $ 5.9 bn under management. The company is a member of the Peregrine Group, a Johannesburg-listed provider of wealth and alternative asset management solutions in South Africa and Europe.
